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China metaverse aims to include Tencent, ByteDance and more

China metaverse aims to include Tencent, ByteDance and more

China’s technology global powers are moved to the metaverse. Companies such as owner Tencent, TikTok owner ByteDance, and Alibaba, are conducting the charge. As the world’s second- largest economy, this will be a big step towards world acceptance. Besides, it means a more appealing virtual worlds which users can play, earn money and live in.

As stated by Morgan Stanley, the total addressable market for the metaverse in China could be 52 trillion yuan, or about $8 trillion. Thus, it is logically, that companies, due to metaverse, never waste time participating in digital transformation.

In a November call, Tencent CEO Pony Ma stated that the metaverse will be an opportunity to boost the growth of available industries like gaming. Tencent is the world’s biggest gaming company with a strong collection of PCs and mobile games. Also, it has a WeChat messaging and payment service with more than one billion users.
Ma is sure that Tencent is ready to take its initial steps towards the metaverse. He mentioned that the company has “a lot of the technology and knowledge about building blocks” to discover and improve the metaverse.

However, ByteDance has created a powerful expansion to the gaming over the previous year. In August, the company bought the Pico virtual reality headset maker. ByteDance owns the TikTok video-centric social media app as well. It currently specializes in VR, social media and gaming.

Alibaba is stepping in the space as well. It’s China’s largest online trading company, and by some standards, in the world; hence, this axis would be great. In the current year, it aims to offer augmented reality glasses for virtual meetings. Augmented reality refers to virtual images that are stacked in the real world. Once more, this is an example of technology with metaverse apps.

The Asian market caused the adoption of digital currencies around the world, China, Japan and Korea, to be more specific. So, it would not be strange if the technology giants get ready for more companies and brands to change their business.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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